BMW and Toyota are continuing their partnership that they started by signing a memorandum of understanding in June 2012. Now the two automakers are pursuing their strategic long-term cooperation in the field of sustainable mobility today by signing binding agreements aimed at long-term collaboration between the two companies for the joint development of a fuel cell system, joint development of architecture and components for a sports vehicle, and joint research and development of lightweight technologies. BMW and Toyota also signed a binding agreement to commence collaborative research on lithium-air batteries, a post-lithium-battery solution.

The most exciting part of the agreement is the agreement to work on a new mid-size sports car. The automakers have agreed to set-up a feasibility study to define a joint platform concept for a mid-size sports vehicle that is to be completed by the end of 2013. BMW and Toyota have agreed to combine each other's technology and knowledge to produce the sports car.

Norbert Reithofer, Chairman of the Board of Management of BMW AG said: "TMC and the BMW Group share the same strategic vision of future sustainable mobility. In light of the technological changes ahead, the entire automotive industry faces tremendous challenges, which we also regard as an opportunity. This collaboration is an important building block in keeping both companies on a successful course in the future."

Akio Toyoda, President of TMC said: "It is just over a year since we signed our collaborative MoU, and with each day as our relationship strengthens, we feel acutely that we are making steadfast progress. Now, we are entering the phase that promises the fruit. While placing importance on what we learn from the joint development, we will work hard together in reaching our common goal of making ever-better cars."